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On 1 January 2012, the Nigerian government headed by president Goodluck Ebele Jonathan, tried to cease the subsidy on petrol and deregulate the oil prices by announcing the new price for petrol as US$0.88/litre from the old subsidised price of US$0.406/litre (LAGOS), which in areas distant from Lagos petrol was priced at US$1.25/litre.
For Delhi petrol per liter price on April 2, 2018, the price charged to dealers was ₹ 31.08 (36¢ US), while central government excise tax and local tax was ₹ 19.48 (23¢ US), state government VAT was ₹ 15.70 (18¢ US) and dealer commission was ₹ 3.60 (4.2¢ US). So the price of petrol for the end user was ₹ 73.83 (85¢ US). [62]
India was able to resolve the crisis through policies that liberalised the economy. However, India continued to be impacted by the volatility of oil prices. In 1998, the Atal Bihari Vajpayee administration proposed building petroleum reserves as a long-term solution to managing the oil market. [8]
The oil prices were seen rising to hit $71.38 per barrel in March 2021, marking the highest since the beginning of the pandemic in January 2020. [116] The oil price rise followed a missile drone attack on Saudi Arabia's Aramco oil facility by Yemen’s Houthi rebels. [117] The United States said it was committed to defending Saudi Arabia. [118]
In the U.S., most consumer goods bear pre-tax prices, but gasoline prices are posted with taxes included. Taxes are added by federal, state, and local governments. As of 2009 [update] , the federal tax was $0.049 per liter ($0.184/U.S. gal) for gasoline and $0.064 per liter ($0.244/U.S. gal) for diesel (excluding red diesel ).
After discovery of oil in the Assam state of India in late 1880s, the first oil refinery was set up at Digboi. Digboi Refinery was commissioned in 1901. [1] Following is a list of oil refineries in India, per the Petroleum Planning and Analysis Cell of the Ministry of Petroleum and Natural Gas, Government of India, [2] arranged in decreasing order of their capacity.
For example, in Delhi, as of February 18, 2021, price of petrol is ₹ 89.54 (US$1.00) per litre. Out of this ₹ 32.98 (38¢ US) go to Central Govt of India in the form of excise and customs tax. ₹ 19.32 (22¢ US) is collected by state government in the form of sales tax and entry tax.
India's demand for petroleum products is increasing at a rate of approximately 3-4% per annum. Some of this usage, the PCRA argues, is avoidable: it sponsored a project in Delhi which is demonstrated that fuel worth Rs. 994 cr per annum is being burnt at traffic signals due to idling of vehicles at red lights.